(1) Vendor needs to provide education facilities property insurance consulting services to the government authority located in Arkansas.
- To provide to the members of the Arkansas Legislative Council detailed and accurate information concerning a multi-year strategic path forward for provision of property insurance to K-12 school districts and institutions of higher education in a manner that will provide for reasonable and predictable premium rates, as well as consistent governance of the plans and legislative oversight, including without limitation governing structure for the plans, legislative oversight, funding mechanisms, and options for revisions to the current plans, including without limitation the possibility of combining the two plans and implementing a self-insured structure or utilizing re-insurance, or some combination of self-insurance with reinsurance above recommended specific aggregate limits.
-The final work product shall constitute a spectrum of options with reasonable assumptions as to the economic, logistic, legal, and political ramifications of the various options.
- Every effort should be made to provide the options in a politically-neutral and option-agnostic approach so that the Subcommittee is presented actionable and reasonable data, likely outcomes, and anticipated costs for the Subcommittee to fully analyze, debate, and act upon as they elect to do so.
- The final work product shall address all aspects of operations of the functioning of the plans to provide property insurance to K-12 school districts and institutions of higher education in the state.
- To provide the members of the subcommittee, and ultimately the members of the state legislative council, with accurate and detailed reports, guidance, and opinions, including without limitation.
- Weekly status updates on the project;
- Regular reports and presentations to the Subcommittee, which will require at least monthly attendance at meetings of the Subcommittee to answer questions regarding the status updates, with the expectation that during the final three months prior to submission of the final report of the Subcommittee to the Legislative Council, Vendor may be required to attend two meetings of the Subcommittee per month;
- Answers to research requests or data inquiries by members of the Subcommittee, as authorized by the Subcommittee Co-chairs;
- Assistance with draft legislation based on recommendations adopted by the Subcommittee; and
- Assistance with drafting a final report for the Subcommittee to submit to the Legislative Council no later than March 15, 2024.
- Gather information from and meet with interested stakeholders; and
- Be available to attend meetings of the Subcommittee and other legislative committees, as requested and authorized by the Subcommittee Co-Chairs.
- Market analysis of both private commercial property insurance rates, K-12 school district property insurance rates, and institutions of higher education property insurance rates in surrounding states;
- Overview and actuarial analysis of the current plans for K-12 school districts and institutions of higher education in state under the Arkansas Insurance Department and the Arkansas School Board Association;
- Best practices for provision of property insurance coverage to K-12 school districts and institutions of higher education in other states, including without limitation governing structure, funding, reserves, plan design, coverage limits and deductible amounts, and fiscal impacts to school districts;
- A review of any possible fiscal impact to the Arkansas K-12 school districts and institutions of higher education regarding maintaining the current insurance structure or revising the current plans for providing property insurance.
(2) All questions must be submitted no later than August 14, 2023.
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